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Registered number: 05689256









VENUS WINE & SPIRIT MERCHANTS PLC









ANNUAL REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
COMPANY INFORMATION


Directors
P. CHRISTOFOROU 
K. MICHAEL 
L. MICHAELIDES 
C. PAPALOIZOU 
M. DOREY 




Registered number
05689256



Registered office
VENUS HOUSE
UNIT 3, 62 GARMAN ROAD

LONDON

N17 0UT




Independent auditors
GOODMAN LAWRENCE & CO
CHARTERED CERTIFIED ACCOUNTANTS 
& STATUTORY AUDITORS

56A HAVERSTOCK HILL

LONDON

NW3 2BH




Bankers
BARCLAYS BANK PLC
1 CHURCHILL PLACE

LONDON

E14 5HP




Solicitors
DMH STALLARD
1 JUBILEE STREET

BRIGHTON

EAST SUSSEX

BN1 1GE





 
VENUS WINE & SPIRIT MERCHANTS PLC
 

CONTENTS



Page
Strategic report
1 - 5
Directors' report
6 - 9
Independent auditors' report
10 - 15
Statement of income and retained earnings
16
Balance sheet
17 - 18
Statement of cash flows
19
Analysis of net debt
20
Notes to the financial statements
21 - 37


 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction and principal activities
 
Venus Wine & Spirit Merchants Plc is an independent supplier of drinks. Operating solely in the UK, the company supplies both alcoholic and non-alcoholic beverages to a wide variety of customers including public houses, bars, hotels and restaurants. The company offers both wholesale and retail services.

Business review
 
The results of the company for the year are set out on page 14. The key financial performance indicators "KPI" during the year were as follows as they communicate the financial performance and strength of the company as a whole. Given the straightforward nature of the business , the directors are of the opinion that analysis using KPIs, other than those disclosed in the financial statements, is not necessary for an understanding of the development, performance or position of the business.

2023
2022
£
£



Turnover
111,393,551
99,088,011

Gross profit
17,629,038
14,732,085

Profit before tax
5,603,000
5,273,671

Dividends paid
1,000,000
4,515,000

Shareholders' equity
11,068,710
7,765,433

The Company's turnover, in the year to 30 September 2023 was £111.394M (2022: £99.088M), an increase of 12.4% compared to last year for the same period. Gross Profit also increased to £17.629M (2022: £14.732M) representing an improvement of 19.7%.
These results represent a strong performance given the challenges that the hospitality sector faced during the period, namely multiple train strikes and the impact on consumer spending due to higher-than-normal cost inflation.  Despite these challenges, the business was able to expand by increasing market share through the addition of new customers.
Future developments
FY 2024 will continue to face the challenge associated with the cost inflationary impact on consumer spending.  However, margins and liquidity levels remain healthy, and the company continues to seek ways to mitigate the impact of cost inflation on the business. The company also continues to hold its own fleet to deliver directly to customers and in 2024 the fleet will grow further, to increase capacity and add new delivery routes.  Adding to this, the company will continue to improve its product mix, and will be expanding the sales team to further develop new geographical areas of business, most notably in the Southwest following the opening of a new Bristol depot in October 2023.
Employee involvement
The company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004. Consultation with employees has continued at all levels with the aim of ensuring that views are taken into account when decisions are made that are likely to affect their interests. All employees are kept informed of the company's performance and activities by regular briefings. Recruitment and training development policies give equal opportunity to all employees regardless of age, sexual orientation, colour, race, marital or civil partnership status, religion or beliefs or ethnic origin. Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned.Training programmes are held for all levels of staff. These are aimed at increasing skills and contribution with particular emphasis placed on product knowledge and customer service skills. 

Page 1

 
VENUS WINE & SPIRIT MERCHANTS PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Principal risks and uncertainties
 
The management of the business and the execution of the company's strategy are subject to a number of risks. The Board has ultimate responsibility for ensuring that the company's principal risks are identified and managed. The pricipal risks, to which the company has exposure, are as follows:
Competition
The company's main competitors are the following:
- Regional / Independent wholesalers, who offer similar products and services
- National wholesalers, offering similar products but with larger UK presence
- Global Breweries, with wholesale divisions
- Cash & Carry as well as specialist retailers
The potential impact is a loss of market share, lower revenues, and profit as competition has increased in the UK as many of our competitors are trying to take more market share. 
We are delivering a differentiated customer experience to retain existing customers and attract new customers,  and simplifying our business and processes to reduce our cost base. This is an essential enabler to deliver a differentiated customer experience. We are also keeping a close eye on and responding to technology developments and competitor activity that could have an impact on us achieving our goals.

Interest rate risk 
The company's current borrowings include an invoice finance facility which attracts interest at a  rate related either to the Barclays Bank base rate or SONIA. The company has, historically, taken the  decision to accept the risk of  increased interest charges resulting from increased interest rates and does not intend to change this policy in the immediate future given the finance facility is not being used.

Liquidity risk 
Whilst ensuring sufficient liquid resources to meet its business operating needs, the Company manages   its cash flow and borrowing requirements in the best way possible so as to maximise interest income and minimise interest expenditure. Prudent liquidity risk management includes maintaining sufficient cash to ensure the availability of an adequate amount of funding to meet the company's obligations.

Foreign currency risk 
The company’s principal foreign currency exposures arise from having to purchase from overseas companies. The board permits but does not require hedging transactions to be undertaken.
Credit risk 
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge an obligation. The main exposure to credit risk in the company is represented by trade debtors. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision for doubtful debts is made  when necessary. 
Price risk 
Expenditure made by the company is authorised by management prior to it being made so to ensure the best prices being paid for the required goods and services. 



 
Page 2

 
VENUS WINE & SPIRIT MERCHANTS PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Human resources risk
This is the risk of having insufficient appropriately qualified staff to manage the business soundly.
Recruitment is carried out through reputable agencies. Staff turnover is monitored and succession plans are in place for all critical positions. Staff appraisals identify training and development needs and plans are put in place to meet them.
Legal and regulatory risk
This is the risk of financial loss or reputational damage arising from the failure to comply with applicable laws or regulations. Sales of alcohol is strictly controlled in all our markets through licensing and regulations. The Company acknowledges that it operates in an environment that has both a developing and increasing regulatory agenda, in the areas of health and safety, environmental obligations and employee welfare. 
The company promotes best practices within its business and uses third party legal advice where necessary. Regulatory development are routinely monitored to ensure that potential changes are identified, assessed and appropriate action is taken.
 

Page 3

 
VENUS WINE & SPIRIT MERCHANTS PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Directors' statement of compliance with duty to promote the success of the Company
 
Under section 172(1) of the Companies Act 2006, the Board has a duty to act in good faith and in a way that would be most likely to promote the success of the Company for the benefit of its shareholders whilst having regard to matters set out in S172(1) (a-f) of the Act:
(a) the likely long-term consequences of decisions;
(b) the interest of the Company’s employees;
(c) the need to foster the Company’s business relationships with suppliers, customers and others;
(d) the impact of the Company’s operations on the community and the environment;
(e) the desirability of the Company maintaining a reputation for high standards of business and conduct; and
(f) the need to act fairly as between the Company’s owners.
To discharge their section 172(1) duties the Board had regard to the factors set out above in making the principal decisions taken by the Company.
General confirmation of Directors’ duties
When making decisions, each Director ensures that he/she acts in the way he/she considers, in good faith, would most likely promote the Company’s success for the benefit of its members as a whole, and in doing so have regard (among other matters) to:
S172(1) (A) “The likely consequences of any decision in the long-term”
The Directors understand the evolving environment in which the business operates. The Directors have taken several decisions which they believe best support the Company ambitions to grow in the future and in order to ensure the best outcome for all stakeholders.
S172(1) (B) “The interests of the company’s employees”
The Directors recognise that the employees are fundamental and core to the business and to the delivery of the strategic ambitions. The success of the business depends on attracting, retaining and motivating employees. From ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment, the Directors factor the implications of decisions on employees and the wider workforce, where relevant and feasible. 
S172(1) (C) “The need to foster the company’s business relationships with suppliers, customers and others”
Fostering positive business relationships with key stakeholders, such as customers and suppliers, is important to the success of the Company’s business. With regards to Suppliers, the Company enjoys close relationships with its suppliers which range from large multinational breweries and wineries to local independent suppliers. Knowledge of their category, products and strategy is key for the success of both parties. With regards to Customers, the Company has a diverse range of Customers across all sectors of the hospitality industry and the ongoing success of the Company’s customers is fundamentally linked to our own success.



 
Page 4

 
VENUS WINE & SPIRIT MERCHANTS PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

S172(1) (D) “The impact of the company’s operations on the community and the environment”
The Board recognise that the environmental impact of the Company’s operations is an ever more important consideration and as such, they promote green behaviours including implementing policies to help reduce the Company’s carbon footprint. In addition, a green approach is adopted in the warehouses and offices by promoting recycling and reducing the use of plastic. The Company believes this also adds to our positive presence in local communities as an employer. 
We are working on improving our distribution system to identify where efficiencies can be achieved at every stage of the products journey to the customers. All new vehicles purchased must meet the EURO 6 standard. We have a rolling programme to replace our existing fleet with more efficient and lower polluting vehicle. We are also considering trialling Electric vehicles for deliveries where appropriate.
S172(1) (E) “The desirability of the company maintaining a reputation for high standards of business conduct”
The Directors consider it crucial that the Company maintains a reputation for high standards of business conduct. The Board is responsible for setting, monitoring and upholding the culture, values, standards, ethics, brand and reputation of the Company. Management drives the embedding of the desired culture throughout the organisation and its values of Service, Honesty, Innovation, Relationships and Efficiency are driven throughout the heart of the business in everything we do, reflected in our policies and practices and how we deal with others. These values and standards guide decision making and promote success, including the consequences of those decisions in the long term.
S172(1) (F) “The need to act fairly as between members of the company”
After weighing up all relevant factors, the Directors consider which course of action best enables delivery of their  strategy through the long-term, taking into consideration the impact on stakeholders. In doing so, the Directors act fairly as between the Company’s members but are not required to balance the Company’s interest with those of other stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned.
 


This report was approved by the board and signed on its behalf.





................................................
P. CHRISTOFOROU
Director

Date: 7 February 2024

Page 5

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £4,303,277 (2022 - £4,206,738).

The dividends paid during the year were £1,000,000 (2022 - £4,515,000).

Directors

The directors who served during the year were:

P. CHRISTOFOROU 
K. MICHAEL 
L. MICHAELIDES 
C. PAPALOIZOU 
M. DOREY 

Information set out in the Strategic Report

As permitted by Company Law certain information which is required to be disclosed in the Directors Report has been presented in the Strategic Report. Information on the Company’s financial instruments and risk management objectives and policies has been disclosed in the Strategic report.

Page 6

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Engagement with suppliers, customers and others

Fostering positive business relationships with key stakeholders, such as customers and suppliers, is important to the success of the Company’s business. With regards to Suppliers, the Company enjoys close relationships with its suppliers which range from large multinational breweries and wineries to local independent suppliers. Knowledge of their category, products and strategy is key for the success of both parties. With regards to Customers, the Company has a diverse range of Customers across all sectors of the hospitality industry and the ongoing success of the Company’s customers is fundamentally linked to our own success.

Page 7

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption are as follows: 


2023
2022

Emissions resulting from activities for which the Company is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
292
279

Emissions resulting from the purchase of the electricity by the Company for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
78
69

Energy consumed from activities for which the Company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport, in kWh
1,232,000
1,506,000

In order to calculate the total emissions, the Company uses the market-based method for calculating scope 1 emissions for gas for boilers and fuel for vehicles and scope 2 for electricity purchased by the Company. The consumption figures were calculated as follows:
The kWh resulting from purchase of electricity and the combustion of gas: Taken directly from third party supplier invoices and then converted to tonnes of CO2 emissions from 28 June 2023 conversion factors published by The Department for Business, Energy and Industrial Strategy. 
Fuel for Purposes of Transport: Total litres of petrol or diesel fuel was computed from suppliers weekly statements and then converted again to tonnes of CO2 emissions from  28 June 2023 conversion factors published by The Department for Business, Energy and Industrial Strategy. 


The Company is committed to reducing the energy consumption and the carbon footprint of its operations. This requires significant investment in new technologies, and behaviour change. We recognise that significant emissions are produced by our operations and distribution trucks and we have been refining our transport planning to increase the efficiency of deliveries. On top of this, we have been replacing our fleet of vehicles with more efficient and less polluting trucks and vans. We have been investing in energy efficiency measures and this has started to deliver savings. Major project include an LED upgrade programme in the warehouses, offices and shops operated by the Company.





Diesel usage per Sales Volume Sold
Sales volumes in million litres for FY 2023 16.3m (2022: 15.7m)
Litres sold                          16,347,366 
Diesel consumed               118,092 Litres (2022: 102,598 Litres)
Litres of product sold 
per litre of diesel used       138.43 (2022: 153.36)
 
Page 8

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


The reduction is due to a change in product mix.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.




Auditors

The auditorsGOODMAN LAWRENCE & COwill be proposed for reappointment in accordance with section 489 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
P. CHRISTOFOROU
Director

Date: 7 February 2024

Page 9

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUS WINE & SPIRIT MERCHANTS PLC
 

Opinion


We have audited the financial statements of VENUS WINE & SPIRIT MERCHANTS PLC (the 'Company') for the year ended 30 September 2023, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 10

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUS WINE & SPIRIT MERCHANTS PLC (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 11

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUS WINE & SPIRIT MERCHANTS PLC (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 12

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUS WINE & SPIRIT MERCHANTS PLC (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management, and via inspection of the company’s regulatory and legal correspondence.
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations to our team and remained alert to any indicators of non compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.
The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.





Secondly the company is subject to many other laws and regulations where the consequences of non compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade legislation particularly in selection to the sale of alcoholic beverages; legislation relevant to the commercial property rental environment; data protection legislation; anti-bribery and corruption legislation.
International Standards on Auditing (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.
In relation to fraud, we performed the following specific procedures in addition to those already noted:
 
Page 13

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUS WINE & SPIRIT MERCHANTS PLC (CONTINUED)



• Challenging assumptions made by management in its significant accounting estimates in particular the revaluation of investment property, the depreciation policy adopted with regards to fixed assets, the amortisation of Intangible assets, the deferred tax provision, the recoverability of trade debtors and stock provision;
• Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management and;
• Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
• Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis.
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 14

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VENUS WINE & SPIRIT MERCHANTS PLC (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






DEMETRAKIS ZEMENIDES (Senior statutory auditor)
for and on behalf of
GOODMAN LAWRENCE & CO
CHARTERED CERTIFIED ACCOUNTANTS 
& STATUTORY AUDITORS
56A HAVERSTOCK HILL
LONDON
NW3 2BH

9 February 2024
Page 15

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS (INCLUDING PROFIT AND LOSS ACCOUNT)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
111,393,551
99,088,011

Cost of sales
  
(93,764,513)
(84,355,926)

Gross profit
  
17,629,038
14,732,085

Distribution costs
  
(7,066,224)
(6,067,026)

Administrative expenses
  
(5,174,829)
(3,376,785)

Gain on Revaluation of Investment Properties
  
36,800
-

Operating profit
 5 
5,424,785
5,288,274

Interest receivable and similar income
 8 
205,427
-

Interest payable and similar expenses
 9 
(27,212)
(14,603)

Profit before tax
  
5,603,000
5,273,671

Tax on profit
 10 
(1,299,723)
(1,066,933)

Profit after tax
  
4,303,277
4,206,738

  

  

Retained earnings at the beginning of the year
  
5,648,758
5,957,020

Profit for the year
  
4,303,277
4,206,738

Dividends declared and paid
  
(1,000,000)
(4,515,000)

Retained earnings at the end of the year
  
8,952,035
5,648,758
The notes on pages 21 to 37 form part of these financial statements.

Page 16

 
VENUS WINE & SPIRIT MERCHANTS PLC
REGISTERED NUMBER: 05689256

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
1,117,916
1,397,395

Tangible assets
 13 
1,049,993
661,330

Investments
 14 
15,000
15,000

Investment property
 15 
186,500
149,700

  
2,369,409
2,223,425

Current assets
  

Stocks
 16 
4,511,124
4,325,057

Debtors: amounts falling due within one year
 17 
9,737,889
10,251,778

Cash at bank and in hand
  
6,441,798
5,100,840

  
20,690,811
19,677,675

Creditors: amounts falling due within one year
 18 
(11,771,476)
(14,024,236)

Net current assets
  
 
 
8,919,335
 
 
5,653,439

Total assets less current liabilities
  
11,288,744
7,876,864

Provisions for liabilities
  

Deferred tax
 19 
(220,034)
(111,431)

  
 
 
(220,034)
 
 
(111,431)

Net assets
  
11,068,710
7,765,433


Capital and reserves
  

Called up share capital 
 20 
50,000
50,000

Share premium account
  
2,059,175
2,059,175

Capital redemption reserve
  
7,500
7,500

Profit and loss account
  
8,952,035
5,648,758

  
11,068,710
7,765,433


Page 17

 
VENUS WINE & SPIRIT MERCHANTS PLC
REGISTERED NUMBER: 05689256
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P. CHRISTOFOROU
Director

Date: 7 February 2024

The notes on pages 21 to 37 form part of these financial statements.

Page 18

 
VENUS WINE & SPIRIT MERCHANTS PLC
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
4,303,277
4,206,738

Adjustments for:

Amortisation of intangible assets
279,479
279,479

Depreciation of tangible assets
215,922
189,669

Loss on disposal of tangible assets
495
-

Interest paid
27,212
14,603

Interest received
(205,427)
-

Taxation charge
1,299,723
1,066,933

(Increase)/decrease in stocks
(186,067)
169,586

Decrease/(increase) in debtors
513,889
(2,384,528)

(Decrease)/increase in creditors
(2,216,218)
87,182

Net fair value (gains)/losses recognised in P&L
(36,800)
-

Corporation tax (paid)
(1,227,662)
(663,377)

Net cash generated from operating activities

2,767,823
2,966,285


Cash flows from investing activities

Purchase of tangible fixed assets
(690,534)
(313,467)

Sale of tangible fixed assets
85,454
-

Interest received
205,427
-

Net cash from investing activities

(399,653)
(313,467)

Cash flows from financing activities

Dividends paid
(1,000,000)
(4,515,000)

Interest paid
(27,212)
(14,603)

Net cash used in financing activities
(1,027,212)
(4,529,603)

Net increase/(decrease) in cash and cash equivalents
1,340,958
(1,876,785)

Cash and cash equivalents at beginning of year
5,100,840
6,977,625

Cash and cash equivalents at the end of year
6,441,798
5,100,840


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,441,798
5,100,840

6,441,798
5,100,840


Page 19

 
VENUS WINE & SPIRIT MERCHANTS PLC
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023




At 1 October 2022
Cash flows
At 30 September 2023
£

£

£

Cash at bank and in hand

5,100,840

1,340,958

6,441,798


5,100,840
1,340,958
6,441,798

The notes on pages 21 to 37 form part of these financial statements.

Page 20

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

The company is an unquoted public company, incorporated in England and Wales. The registered address is at: Venus House, Unit 3, 62 Garman Road, London N17 0UT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements under section 402 of the Companies Act 2006, as all of its subsidiary are excluded from the consolidation as permitted by section 405 as they are deemed to be immaterial both individually and in aggregate.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The directors in making their assessment have considered a period of at least 12 months from the date of the signing of the balance sheet. The directors are not aware of any material uncertainties that draw into question the going concern status of the Company.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 

Page 21

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.4
Foreign currency translation (continued)

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit or loss within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administration expenses'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 22

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the UK.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 23

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the profit or loss over its useful economic life.


Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
All the Goodwill from businesses acquired Pre 2015 have been fully amortised.

 The estimated useful lives range as follows:

Goodwill from business acquired in 2015
-
10
years

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over life of the lease
Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 24

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.13

Impairment of Tangible fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.



 
2.14

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares whose market value cannot be reliably determined are stated at historic cost less impairment.

 
2.16

Stocks

Stocks are stated at the lower of cost and sale value less cost to sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.



Page 25

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid or the date recorded as a liability in the Company's accounting records. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 26

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The judgements made by the directors, in the application of the accounting policies and key sources of estimation uncertainty were as follows;
Impairments of trade debtors:
A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all outstanding amounts in full, or there are indications that collection is doubtful which requires judgement from management (see note 17).
Useful life of goodwill:
The company establishes a reliable estimate of the useful life of goodwill, and from time to time management will review this estimate to ensure its relevance (see note 12).
 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales of goods
110,925,105
98,793,536

Sales of services
468,446
294,475

111,393,551
99,088,011


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
111,393,551
99,088,011

111,393,551
99,088,011


Page 27

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Bad debts
237,522
(36,309)

Exchange differences
(85,881)
(114,207)

Gain on Revaluation of Investment Properties
(36,800)
-

Depreciation
215,922
189,669

Amortisation of goodwill
279,479
279,479

Other operating lease rentals
875,993
864,356




6.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
5,662,466
4,142,625

Social security costs
642,223
434,674

Cost of defined contribution scheme
77,353
73,031

6,382,042
4,650,330


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Number of distribution staff
98
98



Number of administrative staff
25
24



Number of management staff
2
1

125
123

Page 28

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,079,485
239,753

Company contributions to defined contribution pension schemes
2,198
3,494

1,081,683
243,247


The highest paid director received remuneration of £988,797 (2022 - £157,057).


8.


Interest receivable

2023
2022
£
£


Other interest receivable
205,427
-

205,427
-


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable and similar charges
13,018
14,603

Other interest payable
14,194
-

27,212
14,603

Page 29

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profit/(loss) for the year
1,191,120
1,026,538


Total current tax
1,191,120
1,026,538

Deferred tax


Origination and reversal of timing differences
108,603
40,395

Total deferred tax
108,603
40,395


Taxation on profit on ordinary activities
1,299,723
1,066,933

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19-25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
5,603,000
5,273,671


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19-25% (2022 - 19%)
1,232,660
1,001,997

Effects of:


Non-tax deductible amortisation of goodwill and impairment
53,498
53,101

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,505
2,141

Capital allowances for year in excess of depreciation
(97,989)
(30,701)

Short term timing difference leading to a decrease in taxation
108,603
40,395

Other differences leading to an increase (decrease) in the tax charge
446
-

Total tax charge for the year
1,299,723
1,066,933

Page 30

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Dividends

2023
2022
£
£


Dividends on ordinary shares
1,000,000
4,515,000

1,000,000
4,515,000


12.


Intangible assets




Goodwill

£



Cost


At 1 October 2022
11,295,885



At 30 September 2023

11,295,885



Amortisation


At 1 October 2022
9,898,490


Charge for the year on owned assets
279,479



At 30 September 2023

10,177,969



Net book value



At 30 September 2023
1,117,916



At 30 September 2022
1,397,395



Page 31

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
908,863
239,368
1,100,302
584,921
2,833,454


Additions
10,291
35,094
408,935
236,214
690,534


Disposals
-
-
(108,328)
(80,065)
(188,393)



At 30 September 2023

919,154
274,462
1,400,909
741,070
3,335,595



Depreciation


At 1 October 2022
908,863
177,521
672,960
412,780
2,172,124


Charge for the year on owned assets
-
21,713
141,942
52,267
215,922


Disposals
-
-
(27,162)
(75,282)
(102,444)



At 30 September 2023

908,863
199,234
787,740
389,765
2,285,602



Net book value



At 30 September 2023
10,291
75,228
613,169
351,305
1,049,993



At 30 September 2022
-
61,847
427,342
172,141
661,330

Page 32

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14.


Fixed asset investments





Unlisted investments

£



Cost - Other Fixed asset investments


At 1 October 2022
15,000



At 30 September 2023
15,000




The following were subsidiary undertakings of the Company:
Direct subsidiary undertakings
Aotearoa Distribution Ltd (Dormant Holding Company)
Registered office: Venus House, Unit 3, 62 Garman Road, London N17 0UT.
The aggregate of the share capital and reserves as at 30 September 2023 was £Nil (share capital £5,000, share premium £325,000 and retained earnings £(330,000)) and results for the year ended on that date for the subsidiary undertaking was £Nil. The subsidiary only had ordinary shares, which were owned 100% by Venus.
Indirect Subsidiary undertakings
The Madison Drinks Company Ltd ( Dormant Company)
Registered office: Venus House, Unit 3, 62 Garman Road, London N17 0UT.
The aggregate of the share capital and reserves as at 30 September 2023 was £Nil (share capital £10,000 and retained earnings £(10,000)) and results for the year ended on that date for the subsidiary undertaking was £Nil. The subsidiary only had ordinary shares, which were owned 100% by Aotearoa Distribution Ltd (being a 100% subsidiary of Venus).

Page 33

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Investment property


Freehold investment property

£



Valuation


At 1 October 2022
149,700


Surplus on revaluation
36,800



At 30 September 2023
186,500

The 2023 valuations were made by the directors, on an open market value.








16.


Stocks

2023
2022
£
£

Goods for resale
4,511,124
4,325,057

4,511,124
4,325,057



17.


Debtors

2023
2022
£
£


Trade debtors
8,066,922
8,534,794

Other debtors
87,289
27,496

Prepayments and accrued income
1,583,678
1,689,488

9,737,889
10,251,778




Page 34

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
8,415,231
10,136,700

Corporation tax
542,091
578,633

Other taxation and social security
1,189,626
1,388,295

Other creditors
67,372
491,382

Accruals and deferred income
1,557,156
1,429,226

11,771,476
14,024,236


2023
2022
£
£

Other taxation and social security

PAYE/NI control
193,888
129,166

VAT control
995,738
1,259,129

1,189,626
1,388,295



19.


Deferred taxation




2023
2022


£

£






At beginning of year
(111,431)
(71,036)


Charged to profit or loss
(108,603)
(40,395)



At end of year
(220,034)
(111,431)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(220,034)
(111,431)

(220,034)
(111,431)

Page 35

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 (2022 - 50,000) Ordinary shares of £1.00 each
50,000
50,000



21.


Contingent liabilities

The company has a guarantee in favour of HM Revenue and Customs of £600,000 (2022 - £600,000).


22.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contribution payable by the company to the fund and amounted to £77,353 (2022 - £73,030).
Contributions totalling £15,141 (2022 - £16,352) were payable to the fund at the balance sheet date and are included in creditors.


23.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
1,314,471
881,100

Later than 1 year and not later than 5 years
3,692,985
890,717

Later than 5 years
1,957,905
1,399,950

6,965,361
3,171,767


The increase from 2022 reflects the new leases for the Tottenham and Bristol depots.

Page 36

 
VENUS WINE & SPIRIT MERCHANTS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

24.


Related party transactions

The company's related parties, the nature of their relationship and the extent of the transactions with them are summarised below;
 


2023
2022
£
£

Dividends paid to directors
900,000
4,179,000
Amount due to the directors
-
408,316

Last year, included under Other creditors a short-term non-interest bearing loan of £408,316 due to the directors which was repaid shortly after the year end. 

 
Page 37